Ramesh Iyer, vice chairman and MD, Mahindra & Mahindra Financial Services, has taken over as the chairman of Finance Industry Development Council (FIDC). He has been Mahindra & Mahindra Financial Services since 1994 and has played key role in building the company one of India’s leading rural finance companies. Iyer is also the president – Financial Services Sector and a member of the group executive board of Mahindra & Mahindra. FIDC is a representative body of Assets and Loan Financing NBFCs, which are registered with the Reserve Bank of India. On his assuming the chairmanship, Iyer said NBFCs have emerged as an important constituent of the financial services sector and the economy. The sector has played a key role in funding first-time borrowers, the unbanked and unbankable customers, thus achieving Financial Inclusion in its true sense. The sector has recently witnessed several
challenges, and it is time for us to work collectively towards incorporating higher standards of governance and compliance, to ensure that the concerns of regulators, investors and lenders are well-addressed, he added.
